Excess stock found at the time of survey is Business Income: ITAT Chennai

Mookambika Impex Vs DCIT (ITAT Chennai)

Introduction: In a landmark ruling, the ITAT Chennai deliberated upon the matter of Mookambika Impex Vs DCIT. The central issue revolved around the classification and assessment of excess stock discovered during a survey.

The Crux of the Matter: Mookambika Impex was challenged by the Department on the grounds of undisclosed business income which was allegedly used to acquire further stock. The ITAT’s decision h

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